The fifth largest bank in Spain, Banco de Sabadell, is moving its legal headquarters out of Barcelona - and the region of Catalonia - as a showdown looms in the region's push for independence, The FT reports. Sabadell is relocating its HQ to the Alicante in eastern Spain. The move follows a sharp fall in the group's share price. Caixabank, which is Spain's third-largest bank, is also reportedly considering moving its corporate HQ from Barcelona. The Trump administration has installed its first appointee at the Federal Reserve, reports The FT. Randal Quarles, the new supervisory chief, is a former private equity executive with, not surprisingly, a "deregulatory bent", the paper reports. Earlier this year he called for changes to bank stress tests and the Volcker rule ban on proprietary trading and for more transparency at the Fed.